Exam 20: Estate Planning

Under current tax laws,a person may give any other person up to $14,000 per year in cash or other assets,and neither the giver nor the recipient of the gift has any tax liability for it.

A ________ is a legal document in which individuals specify their preferences for medical care if they become mentally or physically disabled.

In determining estate taxes,the estate is valued by subtracting all liabilities including funeral expenses from the value of all assets including a home.

Use the following two columns of items to answer the matching questions below: -intestate

If your estate is $500,000 over the maximum tax free limit,one way to avoid paying estate tax on the excess would be to

Which of the following is not a reason to have a will?

The primary purpose of a marital share will is to

The top federal estate tax rate in 2015 is

Use the following two columns of items to answer the matching questions below: -beneficiaries

In choosing a guardian for your children,you should

In setting goals for estate planning,you should consider all of the following except

All of the following are true about the executor of a will,except

Which of the following is true about an estate and taxes?

A(n)________ is a document that specifies changes in an existing will.

The value of the estate is calculated using

The person specified in a will to receive a part of the estate is called a

Minor changes to an existing will can be accomplished by the use of a(n)________.

Which of the following is not necessary for a will to be valid?

Even a parent without significant net worth needs a will to appoint a guardian for children.

Use the following two columns of items to answer the matching questions below: -codicil